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State Systems, Inc.

Project Number: 20150802
Project Type: Standard/Basic
Parcel ID: 088040 A00024C
County Commission District: | City Council District:

Summary

State Systems, Inc. (Applicant) is seeking a 4-year Basic PILOT to enable the company to add 25 net new jobs and invest more than $1.6 million at a facility located at 1861 Vanderhorn Drive.

The Applicant will invest $1,250,000 to purchase the Vanderhorn Facility, and an additional $250,000 in building renovations. The land value of $114,800 will not be abated.

The applicant will invest $150,000 in personal property at the Vanderhorn location.

The Applicant will receive $1,135,200 in Community Reinvestment Credit (CRC) for the use of 100 percent (30,000 sq. ft.) of the Vanderhorn facility, for a total capital investment of $1,650,000.

The average salary of the 25 new employees will be $49,081.

The project will create $412,051 in new tax revenue for Memphis and Shelby County and has a benefit to cost ratio of $2.94 in new tax revenue for every $1 of taxes abated.

State Systems, Inc. is a privately owned, total protection company with years of proven experience in designing and fitting clients with engineered systems. State Systems acquired the assets of ESI companies in June of 2015 and have outgrown their current facility.

The new facility will allow State Systems to grow and expand in Memphis and Shelby County.

Founded over 25 years ago in Memphis, Tenn. State Systems seeks to embody its mission of protecting life and property for every client, every day. Long known in the Mid-South for its family owned leadership and life safety systems, the company’s longest standing and best known services have been enhanced by new technology services such as network integration, structured cabling systems and wireless support.

PILOT Term:

4

Projected New Jobs:

25

Projected Retained Jobs:

Not applicable

Total Jobs:

25

Projected Average Payroll of New Jobs:

$49,081

Projected Average Payroll of Retained Jobs:

Not applicable

Annual New Direct/Indirect Payroll:

$1,227,025

Annual Retained Direct/Indirect Payroll:

Not applicable

Total Capital Investment:

$1,650,000
Real Property Investment:
$250,000

Personal Property Investment:
$150,000

Community Reinvestment Credit (CRC):
$114,800

Capital Investment not in PILOT:
$1,135,200

Projected Tax Revenue:

$412,051

Projected Taxes Abated:

$140,368
City: $63,662 (80%)
County: $76,706 (75%)

Benefit/Cost Ratio:

2.94

Projected MWBE/LOSB Spending:

$402,500

Incentive Provided:

$140,368

Compliance Information

Not applicable

Approved

8/19/2015

Ramp up Period

2

Closing

Not applicable

Effective

Not applicable

Lease Begins

Not applicable

Lease Expires

Not applicable

Amended

Not applicable

Property Details

Lease Began

Not applicable

Lease Expires

Not applicable

State Systems, Inc.

1861 Vanderhorn Drive, Memphis, TN 38134